Appetite for Islamic finance rises as summit opens in Kano
By Rabiu Murtala Hamza, Kano
Islamic finance industry players have converged in Kano, the Northern Nigeria’s commerce nerve center, on Wednesday for a summit themed “Islamic Finance for Regional Prosperity and National Development”.
The summit, which brought together stakeholders from banking, Takaful, capital market and investors, aimed to exploring non-interest finance towards proffering solutions to myriads of socioeconomic challenges facing the Muslim-majority region.
Speaking, the Kano State Governor Abba Kabir Yusuf said the summit was timely at a period when governments are in search of sustainable sources of finance amidst dwindling revenue and rising budget deficit.
Represented by the Commissioner of Religion Affairs, Sheikh Tijjani Auwal, the Governor assured the stakeholders of his commitment towards the development of Islamic finance in the state.
Governor Abba further called for partnership with players in the Islamic finance industry for economic development and reducing poverty in the state.
The event, organised by Islamic Finance Initiative Nigeria Media (IFING Media Limited), also featured an address by the Emir of Kano, Khalifa Muhammad Sanusi II.
Describing the significance of the event, Emir Sanusi noted that, “The summit was a clear indication of the growing interest in Islamic finance in the region.”
Further, Sanusi, who is an iconic promoter of Islamic finance, said non-interest financing offers prospects for sustainable development and poverty reduction in the North and Nigeria, citing contribution of Sukuk (Islamic bond) and Islamic banking to infrastructure development in the country.
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Earlier, the lead organising committee, Mr. Mudassir Adesanya, noted that the summit offered avenue for players to discuss the challenges and opportunities in the Islamic finance sector.
Adesanya said: “The event has been a huge success, and we are confident that it will have a positive impact on the development of Islamic finance in our region.”
The summit featured presentations by prominent scholars, including Dr. Usman Bugaje, Professor Shehu Aliyu Rano, Dr. Bashir Aliyu Umar, and Dr. Bello Lawal Danbatta, the former Secretary General of the Islamic Financial Services Board (IFSB) Malaysia.
